PM approves $2.66-billion bailout package for COVID-19 victims

Update: April, 10/2020 - 13:40


Employees who are forced to take unpaid leave and those who have their labour contracts suspended for at least one month due to COVID-19 will receive VNĐ1.8 million ($77) each month. — VNA/VNS Photo Mai Trang

HÀ NỘI — Prime Minister Nguyễn Xuân Phúc has approved a bailout package worth VNĐ62 trillion (US$2.66 billion) to support people affected by the COVID-19 pandemic nationwide.

The social security package is part of a resolution signed by PM Phúc on Thursday night to help people affected during the pandemic.

Under the resolution, employees who take unpaid leave and those who have their labour contracts suspended for at least one month will receive VNĐ1.8 million ($77) each month.

The duration of support will depend on how long they are out of work starting from April 1, and will not run beyond three months.

Employers in financial troubles who have continued to pay staff at least 50 per cent of the salaries will be allowed to borrow money from the Việt Nam Bank for Social Policies with zero interest for three months to pay the outstanding money to their staff.

Individual business households with taxable revenue of less than VNĐ100 million ($4,288) per year that have closed since Aprill 1 will receive VNĐ1 million ($43) per month for a maximum of three months.

People who contributed to the national revolutionary cause will receive an allowance of VNĐ500,000 ($22) each month from April to June. Poor and near-poor households will receive VNĐ250,000 ($11) per month from April to June. All of the payments will be made in a lump sum.

The resolution also said that employers affected by the pandemic that had been forced to lay off more than 50 per cent of staff would be allowed to suspend payments to the retirement and death fund for 12 months.

The State will prioritise spending from the State budget to implement the resolution.

The Government has assigned the Ministry of Labour, Invalid and Social Affairs to guide localities in implementing the resolution. — VNS